Tokio Marine Ready for Foreign M&As

Insurance group Tokio Marine Holdings Inc. is ready to expand its business through merger-and-acquisition activities outside Japan, new President Tsuyoshi Nagano has said. "We are always on the lookout for companies that are worth buying," Nagano said in a recent interview. "If we find any good companies, we will go ahead even if we take some risk." The Japanese group bought U.S. property and casualty insurer Philadelphia Consolidated Holding Corp. for some 500 billion yen in 2008 and U.S. insurer Delphi Financial Group Inc. for some 200 billion yen in 2012. Profits at these new North American units have begun to show stable growth, said Nagano, who took the helm of the Japanese holding company on June 24. The Tokio Marine group will strengthen the management of overseas subsidiaries by training and hiring management professionals, he said. In Japan, the Tokio Marine group will help small and midsize companies to expand overseas with its services to reduce risks associated with business launches in Southeast Asia and other places, Nagano added. He said Tokio Marine will increase sales of an insurance package that covers a wide range of risks, such as damage from accidents during plant or office construction and events that may force shutdowns of plants or sales outlets. The Japanese group will provide consultation services on regional situations and tax and other business affairs and hold joint seminars with municipalities or regional banks, so that it can broaden its corporate client base, according to the president.